November 09, 2006

You Need a Will

Many people think wills are just for people who are rich, old, own property, are married or have children. But even if none of those applies to you -- in fact, even if you're flat broke -- you still need a plan.

Drawing up a simple plan can be one of the best gifts you can give to your family and friends. Without it, your spouse, parents, partner or other loved ones could spend countless hours and dollars battling courts and each other to carry out what they think you would have wanted in the event of your death or a medical situation.

There are two main areas of estate planning with which you need to concern yourself. The first is a standard will that gives instructions for how your assets are to be handled and distributed after your death. The second is a plan that details your wishes in the event you are alive but unable to make financial or medical decisions for yourself.

Do yourself, your family, and your friends a favor and get a will today. If you already have one but it needs to be updated (like mine), please do that as well. It's relatively simple and not that expensive (can be only $100 or so for a simple will), yet provides a whole host of benefits to those you leave behind.